The Nigeria Deposit Insurance Corporation (NDIC) recorded actual income (net of provisions) of N85.02 billion, which by Fiscal Responsibility Act (FRA) 2007, was expendable to the limit of 75 per cent.

However, the corporation said its total expense was N31.55 billion, representing about 37 per cent of total income, leaving a net operating surplus of N53.47 billion.

The development showed that the Corporation surpassed its budgeted operating surplus of N35.893 billion transferable into Consolidated Revenue Fund (CRF).

The Managing Director/Chief Executive Officer of NDIC, Alhaji Umaru Ibrahim, who made the disclosure during the corporation’s budget defence in Abuja, also affirmed that as at date, NDIC has made a transfer of N35.893 billion into CRF.

Already, the deposit insurer has made provision to transfer N42.775 billion or 80 per cent of the surplus into CRF, adding that the outstanding of N6.88 billion will be made at the conclusion of its 2016 External Audit report, in line with FRA 2007.

Meanwhile, Ibrahim has reiterated the need to speed up processes towards the approval of 2017 budget, noting that 2016 implementation was only moderate because of the delay in the approval of 2016 budget.

He noted that given the ongoing recession, the plans to put the economy back on the sustainable path call for quick implementation.

He restated the NDIC’s commitment to performance based budgeting system, the essence of which is to ensure efficient allocation of resources.

The Chairman of the House of Representatives Committee on Insurance and Actuarial Matters, Femi Fakeye, while commending NDIC on its performance in the 2016 budget, which he said was outstanding, urged the management not to rest on its oars and strive to achieve greater heights.

He charged the deposit insurer and other regulatory authorities to come up with ideas and advise lawmakers on the ways of helping the financial institutions, especially now in the peak of the economic crisis.

Similarly, NDIC has urged the lawmakers to approve its 2017 proposed budget, which has total income of N102.29 billion and expendable income of N76.720 billion.

This comprised operating expenses of N43.227 billion or 49.94 per cent of total expenditure plan and capital expenditure of N43.32 billion or 50.1 per cent of the total budget.